Reliance Cap net surges 220 per cent

CORPORATE SCORECARD

Reliance Capital, part of the Anil Dhirubhai Ambani Group (ADAG), said its net profit for the quarter ended June 30 surged 220 per cent to Rs 302 crore compared with Rs 95 crore in the same quarter of the previous year.

Total income rose 288 per cent to Rs 514 crore compared with Rs 132 crore in the corresponding previous quarter, the company said.

Earnings per share stood at Rs 12.15 (Rs 3.87).

Reliance Capital, with arms such as Reliance Mutual Fund, Reliance Life Insurance, Reliance General Insurance and Reliance Money, said its consolidated total income for the quarter stood at Rs 1,176 crore, up 230 per cent, compared with Rs 356 crore in the same period last year.

Consolidated net profit grew 188 per cent to Rs 325 crore (Rs 113 crore), the release said. Consolidated EPS was Rs 13.07, up 183 per cent from last year.

Total assets stood at Rs 8,345 crore ($2 billion), the company said, adding that one-time provision for "diminution on certain investments, on assets held for sale and on work in progress of Rs 23.56 crore, Rs 33.46 crore and Rs 13.05 crore, respectively, has been made".

Total net worth of the company stood at Rs 5,460 crore ($1.3 billion).

Reliance Capital now ranks among the top three Indian private financial services groups in terms of net worth.

On new ventures, the company said, it has selectively launched its consumer finance business. Reliance Consumer Finance, which offers products such as personal loans, vehicle loans, home loans among others, was launched in four metros, marking the group's entry into the consumer finance segment.